Visa recently announced the sunset of its PIN Security compliance program, set to take effect from October 1st, 2023.Traditionally, Visa ensured entities' systems, devices, and processes complied with PCI PIN standards, crucial for maintaining transaction security and preventing fraud.
However, with the new changes, the Visa PIN Security Program will no longer validate Payment Card Industry (PCI) PIN security requirements. While the program becomes inactive, clients, processors, and service providers must continue adhering to PCI PIN security standards.
It's important to note that Visa's decision to enhance its compliance program should not be misconstrued as a decreased emphasis on the PCI PIN standard. Acquirers, Third Party Agents, and Processors are still required to comply with PCI PIN Security requirements, emphasizing the need for industry standards to maintain a secure payment ecosystem.
Effects of Visa Sunset:
New changes to PCI SLA:
SLA (Service Level Agreement) 30 calendar-day submission timelines for AQM (Assessor Quality Management) are moving to a 30 business-day SLA. As declared by the PCI SSC (PCI Security Standard Council), the updated submission timelines for AQM took effect on September 27th, 2023.
This change impacts submission review times and response preparations by the AQM, considering weekends, holidays, and office closures applicable to the United States of America. For example, if the submission occurred on December 1st, 2023, the PCI SSC's response would happen approximately on January 17th, 2024 (47 calendar days), excluding 14 weekend days and 3 holidays.
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